SIFT is a digital security and trust leading light company, that empowers the digital disruptors to Fortune 500 organizations to unlock new revenues without risks.
Jason Tan founded this digital trust and safety platform in 2011 with the aim to eradicate online fraud and abuse. The company dynamically halts fraud and abuse with the help of industry leading expertise and technology.
Some of the Global brands that rely on Sift to attain competitive supremacy in their market are Airbnb, Twitter, and Twilio.
The San Francisco based online fraud prevention company has recently announced that it has raised a new funding round of $50 million that has valued the company at more than $1 billion.
However the company refuses to reveal the figures of hard revenues but the CEO and President of the company, Marc Olesen revealed that since his joining the company in 2018, the business had tripled.
This has taken the total raised fund by the company since its inception to $157 million.
This round was co-led by the American venture capital Insight Partners and a venture capital firm that helps early-stage startups, Global Venture Capital, and was also supported by Stripes and Union Square Ventures.
Marc Olesen, the CEO and President of Sift said that a legacy, rules-based outlook to deal with fraud cannot barricade against the trailblazing fraud economy that has expanded dramatically along with the evolution in the parallel with digital commerce over the past year.
The company believes that there is an influential role played by the pandemic, that has scaled and evolved the abuse tactics of the fraudsters. The fraud vector now works in an advanced way and method that has a vast, pervaded, and analogous network that is called a Fraud Economy.
They also revealed that the company has uncovered several fraud rings.
Olesen also shared a few examples of last year, such as how Sift baffled the fraud incidents.
Olesen said that the company has uncovered the scammer who was using a social media site, Telegram, who was using the stolen credentials to make the delivery services.
The data accumulated by Sift, since the company’s inception, helps the company in acting as the central nervous system for fraudsters.
The company has raised the fresh fund to use it in the continuous broadening of the product portfolio of the company, to scale their products, sales teams, and engineering around the globe.
The company also announced that it has appointed a new CFO- Chief Financial Officer for the Sift company, who is Eu-Gene Sung, who has worked at Brooklyn Sports and Entertainment as CFO.
Olesen said that with the raw capital, they can continue to build out their Digital Trust and Safety platform to aid the vendors not only in fighting fraud and abuse but also works in reducing the friction for authentic customers and growing revenue.
The led investor of this funding round, Insight Partners is extremely thrilled with their partnership with Sift. insight partners focus on high-growth tech companies along with software scaleup companies that are becoming the renovators of their respective industries. The 1995-founded company has invested in more than 400 companies Globally.
Insight Partners Managing Director, Jeff Lieberman said that the reason for the incredible traction in the market, seen by Sift, is its tremendous global network and new-fangled machine learning technology.
He further added that the reason for their jump at the opportunity is not just the impressive growth and leadership of the company but also because of the incredible and fundamental network effects of the business.
$50 million capital was received by Sift in this recent funding round led by Global Venture Capital, Insight Partners, Stripes, and Union Square Ventures.
The valuation raised to $1 billion for the company.
Conclusion
Digital safety and trust platform Sift raised $50 million in a new funding round that was led by Global Venture Capital, Insight Partners, Stripes, and Union Square Ventures which raised the valuation of the company to more than $1 billion. Sift aims to deploy fresh investment in expanding the product portfolio of the company and in scaling the product, engineering, and sales, around the world.
FAQs
Ans. Global Venture Capital, Insight Partners, Stripes, and Union Square Ventures.
Ans. More than $1B.
Ans. In 2011.
Ans. To expand the product portfolio of the company and in scaling the product, engineering, and sales, around the world.
Ans. Jason Tan.
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